Independence
Debelle calls for more thought on financial stability independence
RBA deputy says financial stability needs its own intellectual framework; panellists warn independence likely to face tougher challenges ahead
Portuguese governor clashes with government
Treasury intends to transfer banking resolution competencies out of the central bank
Argentine central bank can progress without independence law – chief economist
Pablo Neumeyer says current policies are working and may create the consensus for future law
Book notes: Advice & Dissent: My Life in Public Service, by YV Reddy
An engaging look into the private life and career of a former governor of the Reserve Bank of India, and arguably one of the best central bankers of the twentieth century, YV Reddy
Book notes: The Myth of Independence, by Sarah Binder and Mark Spindel
Politicians would do well to heed the authors’ lessons, but their economic analysis could be stronger, writes Niels Bünemann
Sarb expands financial supervision
Deputy governor explains the Sarb’s new financial supervisory structure, and indicates it may affect central bank independence
Court dismisses ‘irrational’ Sarb mandate challenge
Judge finds South African public protector’s attempt to change the Sarb’s mandate was illegal, irrational and unfair
PNG governor stands firm on independence from government
Bakani hits back at claims institution has become a “puppet”, noting his appointment was confirmed after “rigorous scrutiny”
UK elects first woman to chair Treasury Select Committee
Nicky Morgan to take over from influential chair Andrew Tyrie, who stepped down this year; former secretary to treasury seen as supporter of “soft” Brexit
Public protector backs down over Sarb mandate challenge
Mkhwebane admits she lacks power to suggest parliament make changes to the constitution, though she stands by her call for a review of the Sarb’s mandate
Pakistani government picks new governor after SBP spat
Tariq Bajwa takes over from acting governor Riaz Riazuddin; appointment of finance ministry official follows clash over exchange rate movements
Change in ownership would not impact mandate, Sarb reassures
South African central bank responds to ruling party discussion on nationalisation; draft resolution could be approved in December, forcing over 660 people to sell their shares
SBP clashes with government on exchange rate drop
Pakistan’s finance minister expresses “deep concern” over sudden drop in currency, but central bank says it is now “broadly aligned” with fundamentals
Open letter condemns public protector’s Sarb comments
Mkhwebane’s comments pose “grave threat” to South Africa’s economy, academics and economists warn, though they are open to mandate debate as long as it is “appropriate”
New leaders take charge at Philippines central bank
New governor pledges to enhance financial inclusion, mitigate cyber-crime risk and fine-tune monetary policy to make it more market-oriented
Sarb to increase engagement on monetary policy
Governor says central bank officials should be the ones to outline “sensible” view of monetary policy; wants debate over mandate to be based on facts
Sarb appeals to court in battle to defend mandate
Kganyago stresses public protector’s words have had a “serious and detrimental effect on the economy”; her recommendations risk “further downgrades”, he says
Making the rules and breaking the mould (Allan Meltzer: 1928–2017)
John Taylor writes about the extraordinary life of a pioneering economist whose lifelong work defied traditional rules – but one who strongly advocated them for central banks
Sarb monetary policy committee does not suffer from ‘groupthink’ – Kganyago
Sarb governor says there are often disagreements when it comes to policy decisions; central banks have now become “masters of communication”
Tackling the ‘human agency’ problem
Central banks are readying their communication strategies to mitigate a populist backlash against their post-crisis policies
Sint Maarten finance minister issues ultimatum to central bank board
Gibson issues ultimatum to board regarding replacement of suspended central bank president Emsley Tromp; board members told to act in the best interest of the bank or be fired
Riksbank urges government to amend profit allocation plans
General Council welcomes clarity in proposal but says it must have the power to request recapitalisation
Philippines deputy nominated as next governor
Duterte selects deputy governor to take over from Tetangco when his term ends in July; Espenilla’s background is in financial supervision and regulation
Tromp to face trial for tax fraud
Governor of the Central Bank of Curaçao and Sint Maarten owes $3.1 million in tax, investigators claim; central bank faces staffing problems as top managers head for retirement